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Letter From President Grant

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ExEouTiVB Mansion ) WASHINGTON, September 28, 1873. f MeBsera. 11 B. Clatrin and Chas L Anthony : (ENTLEMEN- In response to the views which you have eommunicated to me, touching the present stringency of the money market of the country, and the uecessary steps to restore legitímate trado and commerce, I have the honor to communicatie the following: The Ixovernmcnt is desirous of doing all in its power to relieve the unsettled coudition of business iiöairs, which is holding back the immense resources of the country now awaiting transportation to the seaboard and a markttt. Contidence on the part of the people is the first thing needed to relieve this condition and to avert the tnroutening destruetion of business, with its accompanying disasters, to all classes of people. To re-establish this feeling the Governmont is willing to tako all legal ineasures at its comraand. But ït is evident that no government efForts wil! avaii without the active co operation ot the country. With the $14,000,Oüü already paid out in purchase of the (iovernment indebtedness, and the with drawal of their large deposita frora the treasury; the bauks are now strong enough to adopt a liberal policy on their part, and by a generous system of discount to suscain the business interests of the country. Should such a course be pursued, the $44,000,000 of reserve will be considered as money in the treasury. to meet the demands of the public neces sity as the circuinstancas of the country nny require. Close attention will be givfcii to the course pursued by those who tiave means at their command of rendoring all the aid necessary to restore trade to its proper channels and condition, with a view oí strengthing the hands of those who carry out the measures above indioated. Orders have alerady been issued tor the prepaymenc of the interest accruing in November. ü. S. GRANT.


Old News
Michigan Argus